All IPE articles in August 2004 (Online) – Page 5
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AP2 eyes derivatives for portfolio rebalancing
SWEDEN - The 140.4 billion-crown (15.3 billion-euro) second Swedish national pension fund, Andra AP-fonden or AP2, is considering using derivatives “for portfolio–rebalancing purposes”.
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Schroders loses E5.9bn in UK balanced mandates
UK – Schroders says it lost four billion pounds (5.9 billion euros) in balanced mandates in the first half as UK clients continued to restructure their portfolios – but added the revenue impact is “limited”.
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Julius Baer gains institutional assets (Correct)
(Corrects euro figure) SWITZERLAND – Julius Baer Group says its first-half income was boosted by a six billion-franc (3.9 billion-euro) rise in institutional assets under management.
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Commission splits internal markets and taxation
EUROPE - New European Commission president José Manuel Baroso has appointed two commissioners to run the internal markets and taxation departments that Frits Bolkestein used to head on his own.
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Hermes names new management team
UK – David Pitt-Watson, managing director of Hermes Pensions Management’s UK Focus Fund, is to take over from Peter Butler after his resignation on Tuesday.
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Croatia “committed to pension sustainability”
CROATIA – The Croatian government says it is committed to the sustainability of the pension system – and that the recent change in how pensions are indexed will be beneficial.
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USS names replacements for pensions chief
UK – The 19 billion-pound (28.4 billion-euro) Universities Superannuation Scheme has named replacements for former chief pensions manager Rosemary Mounce.
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F&C institutional assets hit by pension outflows
EUROPE – F&C, which is being bought by ISIS Asset Management, lost almost four percent of its institutional assets under management in the first half of 2004.
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Dresdner chief sees German pensions 50% funded
GERMANY - Herbert Walter, the top executive at Dresdner Bank, says he expects the German pension system to become 50% fully-funded, from the current 20%.
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ABP pre-pensions under scrutiny
NETHERLANDS – Questions over Stichting Pensioenfonds ABP’s pre-pension arrangements have been raised by two Dutch Members of Parliament.
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Italy: retirement claims fall after tax change
ITALY - The number applications to retire has dropped by nearly 10% in the first six months of 2004 following the introduction of a 33% tax-free bonus for older employees who chose to keep working.
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UK pension assets rise 16% to E1tn – report
UK – Pension fund assets in the UK have risen 16% to 709 billion pounds (1.06 trillion euros) as at the end of 2003, according to a new report.
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Jardine Lloyd names Scotland benefits head
UK - Jardine Lloyd Thompson has named Eddie McGuire as managing director of its Glasgow-based Scottish benefits unit, JLT Benefit Solutions Scotland, a new role.
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Henderson makes institutional, consultant hires
UK - Henderson Global Investors has made two new hires, boosting its institutional and consultant relations activities.
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European fund managers turn bearish - survey
GLOBAL- European fund managers have succumbed to the same bearishness as their colleagues worldwide, Merrill Lynch’s monthly survey of fund managers has found.
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E1.2bn county council Warwick revamps
UK - The 800 million-pound (1.18 billion-euro) Warwickshire County Council Pension Fund has reshuffled its asset managers in a revamp.
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Ex-Singer & Friedlander chief joins hedge fund
UK – Former Singer & Friedlander institutional head Peter Dencik has joined hedge fund group Key Asset Management as chief executive.
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KLP sticks with bonds as profit slumps
NORWAY – Pension provider KLP, reporting a 62% slump in quarterly profits, says it is sticking with its substantial bond portfolio.
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Danica moves into equities as returns slip
DENMARK – Danica Pension, the life insurance and pension arm of Danske Bank, made a return on investments of 2.7% in the first half of 2004 - down from 4.8% a year before.
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Hermes’ Macdonell joins Northern Trust
UK - Northern Trust Global Investments says it has hired Hermes Focus Asset Management’s manager of UK investments, Helen Macdonell.
